---
type: source
title: "MetaDAO Q4 2025 Quarterly Report — First Operating Income, Ecosystem Expansion to 8 Protocols"
author: "Pine Analytics"
url: https://pineanalytics.substack.com/p/metadao-q4-2025-quarterly-report
date: 2026-01-15
domain: internet-finance
secondary_domains: []
format: article
status: processed
priority: high
tags: [metadao, futarchy, ico, quarterly-report, protocol-revenue, ecosystem-growth]
---

## Content

Pine Analytics Q4 2025 quarterly report on MetaDAO. Key metrics:

**Protocol financials:**
- Q4 2025: first quarter of operating income — $2.51M in fee revenue from Futarchy AMM and Meteora pools
- Revenue declined "sharply since mid-December" as ICO activity slowed
- Total Equity grew from $4M to $16.5M in Q4 2025 (driven by $10M token sale, asset appreciation, operating income)
- 15+ quarters of runway at current burn rate

**ICO metrics (cumulative through Q4 2025):**
- 8 total ICOs hosted, raising $25.6M from $390M in committed capital (~15x aggregate oversubscription)
- 6 ICOs launched in Q4 2025 alone
- $18.7M raised in Q4 2025 ICO volume

**Ecosystem expansion:**
- Futarchy protocols: expanded from 2 to 8 in Q4 2025
- Total Futarchy market cap: $219M
- Non-META Futarchy market cap: $69M (meaningful adoption beyond native token)

**Protocol-level data:**
- Daily protocol revenue as of March 9, 2026: $4,825/day
- META token price ~$3.34 (March 11, 2026), 24h volume ~$881K

**Named near-term catalysts:**
1. Permissionless launches (still in development, not yet live)
2. Colosseum's STAMP experiment to increase throughput

**Context note:** Q4 2025 was the quarter before the Trove/Ranger/Hurupay failures (all January-February 2026). The Q4 report captures the peak; the Q1 2026 deterioration is not reflected.

## Agent Notes

**Why this matters:** Baseline data for MetaDAO's operational state before the Q1 2026 crisis. The $2.51M operating income and 15+ quarters of runway are meaningful — the platform is not financially distressed even if reputation is under stress. The 2→8 protocol expansion in a single quarter is the strongest evidence of futarchy ecosystem growth. The non-META futarchy market cap ($69M) shows adoption beyond the founding protocol.

**What surprised me:** The 15x oversubscription aggregate ($390M committed vs. $25.6M raised) suggests strong latent demand, but the commitment-to-raise ratio also implies most capital was signaling interest rather than actually deploying. The $390M figure may overstate genuine investor conviction.

**What I expected but didn't find:** Project-level post-ICO performance metrics for each of the 8 ICOs. The report covers capital formation success (raises) but not outcome tracking (what happened to the projects after ICO). This gap is fundamental to evaluating whether futarchy selection works.

**KB connections:** Foundational data for any claims about MetaDAO's operational scale, futarchy ecosystem size, or ICO platform performance. The "permissionless launches still in development" note is directly relevant to scope-qualifying claims about permissionless futarchy.

**Extraction hints:**
1. "MetaDAO reached first operating profitability in Q4 2025 at $2.51M fee revenue" — operational milestone claim
2. "Futarchy ecosystem expanded from 2 to 8 protocols in Q4 2025, non-META market cap $69M" — ecosystem growth claim
3. "MetaDAO ICO platform still application-gated as of Q1 2026; permissionless is a roadmap goal" — scope qualification for permissionless futarchy claims
4. "Daily protocol revenue of $4,825 as of March 2026 is modest relative to the capital formation narrative" — calibration data

**Context:** Pine Analytics is MetaDAO's most rigorous independent analyst. The Q4 2025 report represents the platform's peak state before Q1 2026 failures. The Q1 2026 report (when available) will show the Trove/Ranger/Hurupay impact.

## Curator Notes

PRIMARY CONNECTION: MetaDAO operational claims; futarchy ecosystem growth claims (domains/internet-finance/)
WHY ARCHIVED: Provides baseline metrics before Q1 2026 failures; documents the "permissionless" gap; contains the most detailed financial data available for MetaDAO
EXTRACTION HINT: The most valuable claims are: (1) first operating income milestone, (2) permissionless still roadmap not reality, (3) the 15x oversubscription aggregate as a potentially misleading signal. Don't extract without noting the Q4 2025 timing — the platform has deteriorated since.
